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Tyser & Co Limited

Tyser & Co Limited. Contaminated Land Insurance To infinity and beyond? – Risk, Facts and Theory. www.tysers.com Tel: 020 3037 8000. Mathew Hussey Associate Director Tysers UK Corporate Risks Division. Contaminated Land Risk Assessment Brownfield Briefing Conference

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Tyser & Co Limited

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  1. Tyser & Co Limited Contaminated Land Insurance To infinity and beyond? – Risk, Facts and Theory www.tysers.com Tel: 020 3037 8000 Mathew Hussey Associate Director Tysers UK Corporate Risks Division Contaminated Land Risk Assessment Brownfield Briefing Conference 23 September 2009

  2. Tysers • Tysers Insurance Brokers established 1820 one of Lloyds oldest brokers. Tysers have been working on environmental insurance since 1997. • Widely recognised as leading UK independent broker on environmental insurance and represented on range of both Government and Trade groups/panels. • FSA authorised – only authorised companies can advise and place insurance • Experience ranges from working on contaminated land projects through to energy and waste

  3. In theory a Consultants Risk Assessment work protects the client……

  4. Risk Assessment vs Insurance How does risk assessment cover: • Unexpected, unforeseen? • Scientific knowledge limited. Change in scientific knowledge. Are values or parameters wrong? • Legal cases limited. What will the courts accept? • Impact of future legislation (e.g. Ground Water Directive, Soils Directive). A ‘sea change’ in enforcement activity with political change? • Public awareness, ambulance chasing, increasing claims?

  5. Limitations of Consultants Advice • Based on limited and current technical guidelines and knowledge only. • Actual offsite investigation data rare. • Scope of work – was it wide enough? • Tends to be regulatory focussed risk. • Negligence incorrect data collection or input etc You don’t have to be wrong to have a claim!

  6. Consultants Professional Indemnity InsuranceFact not theory! • Misunderstood by clients • Defence mechanism for Consultant • Onus to prove negligence • Annually renewable not long term • Changing insurance market – restrictions in cover • Aggregate cover not unlimited • Collateral warranties – ineffective, costly to enforce • PI Cover dies with insolvency or non renewal

  7. Insurers View of Risk • Consultants reports and risk assessments • Third party claims • Solvency and contract issues • Includes future law change • Future technical knowledge, discovery • Past/present claims

  8. Conclusions • Contaminated land insurance can protect against third party and regulatory claims for up to 10 years, sometimes longer. This can include protection against the unknown & known, change in law and the original risk assessment being wrong. • Review your Professional Indemnity Insurance. In theory you are covered but a review may find you’re not. The policy coverage is key, not just the cost. For further information contact: Mathew Hussey Associate Director Tysers 12 Camomile Street, London EC3A 7PJ Email: mathew.hussey@tysers.com Tel: 020 3037 8000 www.tysers.com

  9. "If the facts don't fit the theory, change the facts." Albert Einstein

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